Stocks surge higher as diplomatic solution to Syria takes shape
Stocks in the US received a boost on the heels of Monday’s rally which say the S&P 500 index rally 1%. Asian stocks continued to benefit from strong economic data in China which shows that the world’s second largest economy has stabilized and the soft landing scenario has been realized. France is poised to submit a plan to disarm Syria based on a plan first brought up by Secretary of State John Kerry.
France will submit a resolution to the United Nations Security Council on Tuesday aimed at dismantling Syria’s chemical weapons arsenal, seizing on an overture from Russia to head off military strikes against the regime of Bashar al-Assad. Russia and Syria seemed to agree with a plan made as an off the cuff comment from Secretary of State Kerry in which he said that Syria could avoid a military strike by handing all of their chemical weapons to a neutral party led by the United Nations.
The announcement is a sign of how international efforts to address the crisis in Syria have shifted back to diplomacy after weeks of jaw boning led by the U.S. and France that followed the Aug. 21 chemical attack on the Syrian people.
During the afternoon session, Apple Inc. announced a number of new products which include their new flagship phone. Apple’s iPhone 5S is made of aluminum and comes in 3 colors silver, gold, and “space gray”. Its dual-core A7 CPU uses a 64-bit architecture which opens the door to more RAM and better performance for certain applications. Apple declares the iPhone 5S, aided by both the A7 and iOS 7, will be up to 2x as fast than the iPhone 5. Apple promises 10 hours of 3G talk time, 4G browsing time, and video playback time for the 5S.
All three major indices racked up solid gains for the second consecutive session despite the 10-year yield closing above 3% for the first time in since June of 2011.
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